Great news! I found proof! Long sales DO NOT take NYSE priority over short sales! This is specifically stated by NYSE Rules 123A.71 and 123A.72:
I have seen this rule. This does not define "usual practice and rules of precedence" It is still open-ended.
I'd like to start a thread consisting of only one posting, with no ability for any body else to post into the thread. The title of the thread, and the text of its only permitted posting, would announce that the moderator has put a stop to off-topic communications in this thread. It would be like an advertisement, to let ET members know it is time to get caught up on this thread, and to keep reading it. Does anybody know how to do this?
Also at the close for "MOC" orders. Information Memo ... sell "short" at-the-close represented as "G" orders must yield priority, parity and ... been executed at a better price (and still satisfy the "short sale" rule in ... http://apps.nyse.com/commdata/PubInfoMemos.nsf/0/85256FCB005... Go to NYSE.com and search around, I'm heading home now, but if you can't find any more documentation, I'll make a phone call. (Just for fun)...while you're at it, see if you can find what the priorities are for intraday execution. (Time (until you get any portion filled), and then you're on pariity with others at the same price, is my guess. Customer vs. Agency, etc. Things do change, but this is still intact at this point in time. All the best, Don
Disagree. This is conclusive. Proof-positive. Long sales take NO priority over short sales, except for Market-on-Close orders.
The statement is If a specialist accepts a short order..., I interpret like this, please correct me if I'm wrong, If a specialist accepts a short order when this order is coming at the same time as long order then the rule is applied. There's an "IF" it doesn't necessary mean that the specialist must to give the same priority for accepting long & short order when they come at the same time. If the specialist decide to give high priority on long order and don't accept the short order then the rule is not applied. If he decides to accept a short order then the rule is applied for everything recorded in his book.
I think everyone here is in agreement on that point. The cliff-hanger seems to be the question of longs vs. shorts intraday.
I would agree if, and only if, nowhere else is there an established 'usual practice' or 'rule of precedence' that somehow gives priority to longs over shorts.
Attention Moderator: Several pages back you drew a line in the sand related to keeping the posts of this thread on topic. This has been done from that point on until now, and the spirit of the thread has been informative and civil. Please be aware however, that Rockford now in his previous post has pasted old postings of mine from very early on in this thread before that line in the sand was drawn. I believe that Rockford is now OFF TOPIC with this last post where he pastes my old posts in addition to seeking to instigate flaming again. I would like to see some action taken, since I very much do not want to see this thread get off track again.